PART XREORGANISATION OF THE INDUSTRY

Introductory

Interpretation of this Part268

1

In this Part—

  • F1“the Companies Acts” has the meaning given by section 2(1) of the Companies Act 2006;

  • “debentures” includes debenture stock;

  • “securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;

  • “shares” includes stock;

  • F2“subsidiary” and “subsidiary undertaking” have the same meanings as in the Companies Acts (see sections 1159 and 1162 of the Companies Act 2006);

  • “the successor company” has the meaning assigned to it by Article 269(1);

  • “the transfer scheme” has the meaning assigned to it by Article 270(1).

2

A company shall be regarded for the purposes of this Part as wholly owned by the Crown at any time when none of the issued shares in the company is held otherwise than—

a

by, or by a nominee of, the Department; or

b

by a company which is itself wholly owned by the Crown.